The Legal Nature of Petroleum Agreements
Nasr Mohamed Agel Mohamed1, Lukman Abdul Mutalib2
1Nasr Mohamed Agel Mohamed, Faculty of Shariah and Law, Universiti Sains Islam Malaysia, Bandar Baru Nilai, Negeri Sembilan, Malaysia.
2Lukman Abdul Mutalib, Faculty of Shariah and Law, Universiti Sains Islam Malaysia, Bandar Baru Nilai, Negeri Sembilan, Malaysia.
Manuscript received on 11 October 2019 | Revised Manuscript received on 20 October 2019 | Manuscript Published on 02 November 2019 | PP: 685-690 | Volume-8 Issue-2S11 September 2019 | Retrieval Number: B11090982S1119/2019©BEIESP | DOI: 10.35940/ijrte.B1109.0982S1119
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The petroleum generating nations around the globe have sought to broaden their influence over agricultural assets and have tried by contract papers or laws to regulate this profitable industry. The oil business engaged elevated danger, elevated costs and capital and could not be managed by any group. The sides can decrease the danger and discuss the expenses needed for exploring, growth and manufacturing operations by joining into a suitable agreement. Contract understanding and contract analysis are essential for assessing and mitigating the hazards in the oil company. The lease agreement, the agreement for manufacturing distribution, the agreement for delivery and the joint enterprise agreements, are examples of popular agreements established and employed by the guest country (HS) and global oil firms (IOCs) in the petroleum sector. This paper discusses the characteristics and kinds of four prevalent global oil agreements and highlights the contract’s significance in maintaining the host state’s (HS) and global petroleum businesses.
Keywords: Concession, Petroleum, Production-Sharing, Joint-Venture Contract, Service-Contract.
Scope of the Article: Social Sciences